The Car Flip Show: Episode 3

Episode 3 of The Car Flip Show contains the following:
1. A quick lesson on the most important part of flipping – The Buy
2. Listener question about using aftermarket parts
3. Listener question about where I got my technical knowledge about cars.
4. Listener question about what to say when contacting a seller.
5. My favorite question so far! Someone wanted to know what the deal was with the pineapple in my office! (major misspeak when talking about the pineapple, I say “more than one people”. I laughed at myself when editing. Please excuse my horrible use of the English language there! 🙂

If you have questions for our next episode, just ask in the comments below.

Comments

Hi Justin, my name is Jolyn Young and I’m a journalist from northern Nevada. I know this isn’t the usual place for this type of query, but I wasn’t able to locate an email address on your website. Sorry about that! I’m working on an article pitch for a story about how to buy a used car, slanted toward women shoppers. Men seem to naturally carry a lot of confidence and know-how when looking at used cars, but women typically lack the basic skills of how to check out a car for problems before buying. I’m speaking from experience here – I bought a used Jeep on July 1, and it overheated on the way home.

I’m looking for a few experts in the used car field to line up for interviews before I begin pitching this story. I plan to pitch to national magazines like Family Circle and RedBook. If this sounds like something you’d be interested in, let me know! If you’d like to read some of my published articles, please visit my website at http://www.jolynyoung.com.

Somehow I missed this comment when it posted originally. I apologize! I generally don’t look at book values often. The are often incorrect. Market value is much more important. That is what vehicles in your market are being advertised at price wise. This is what you’ll base both your buying and selling price.

Hi Justin , I just came across your website ! So much information that is very helpful ! I have a question my husband and I, recently started car flipping since he is working for a bank that does financing, what I do is find them a vehicle that they want and sell it to them while my husband does the loan. I’ve found a couple of cars off Craigslist but we have one car that is a good deal coming from a dealer, my question is would I have to pay twice for tax title and license ? Or could I be able to do the floating/ open title ? I will be applying soon for my dealer license in the state of TX. Please help in any way you can !

Somehow I missed this comment when it posted originally. I apologize! I can’t technically give “legal advice” about floating a title. I can tell you that anyone that is buying and selling cars for profit on a regular basis is using this technique. When floating a title, you would pay no tax or fees. As a dealer, you will not pay any taxes or fees either. You will collect them from the buyers assuming you’ll be doing their title work. Hope that helps!

Hey there. I am just about to jump in with my first buy and wanted to know if you buy cars so that the buyers can pay cash? I know most people won’t have more than say $5000 cash to buy a car, so if I buy a great deal with low miles for $8k to $9k people will probably have to finance that. Most banks won’t finance cars older than a certain amount of years. So all that to ask, is it better to buy a car that will sell for less than $5000. Hope that made sense.

Buying cars that can be bought cash is ideal. It takes a bit of the hassle away. I’ve found the profit margins are similar no matter if you’re selling a $5000 car or a $15000 car. I’d rather stay in the $5000 range since not only is your ROI better, but also, I’ve had better luck selling those cars quicker.

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Hi, I'm Justin. I recently quit my job and now flip cars full time from home. Whether you are looking to add extra income or replace it all together, I hope you'll consider doing so by buying and selling cars for profit! Read More…